The interest limit on currency protected deposit accounts has been removed

According to the decision published in the Official Gazette, the interest limit on treasury-backed TL KKM accounts has been completely removed.

The following statements were included in the decision:

* The first and second paragraphs of article 5 of the Decree on Support of Deposit and Participation Accounts against the Increase in the Exchange Rate, which entered into force by Presidential Agreement dated 2/23/2022 and number 5206, are reformed. the following terms, and the third and fourth paragraphs of the same article are repealed.

*”(1) The interest rate for KCBs that will benefit from support within the scope of this Decision shall be freely determined between the banks and the beneficiaries, provided that it is not lower than the minimum rate in the second paragraph.

*KCBs to be opened in staking banks must be opened in accordance with profit sharing rates to be determined under the staking banking principles.

*(2) The minimum interest rate that depository banks will apply to KCBs is the one-week repo auction rate determined by the CBRT.

* The provisions of this Decision are executed by the Minister of Finance.